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I have a directions hearing coming up, its against three individuals on a PG we all had for 100k. we have all submitted a defense although weak at best. Its a Joint and Several PG. They want the lender to split the Liability equally 3 ways, but at present they (lenders) are refusing too. I am considering dropping any defense but am sure where that will leave me and them. Any ideas or help appreciated.
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I am not aware that you can compel the lender to accept a "three-way-split" of the amount demanded. All they will be concerned about is getting their money back: how the three of you decide on any 'split' between you is not really their concern.
If the other two defences succeed and you have discontinued yours then you risk being landed with 100% of the debt.They say that a little knowledge is a dangerous thing. That being the case then I have enough to be lethal. -
Thanks for the response, their defense is only a delaying tactic and to offset a small amount of the debt, so even if successful they will still have a substantial amount to pay, One concern is the legal costs to be added may massively increase the debt too. If i withdraw my defense and they win something like a 10k reduction, do i still have to pay the 100k or the 90 or my share of it. the other two have many directorships so are trying everything not to have a judgment against them, otherwise they may lose them. I dont have that issue.Comment
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For a £100k debt do you not have a solicitor acting for you?They say that a little knowledge is a dangerous thing. That being the case then I have enough to be lethal.Comment
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No, not able to afford one at present as i am not working. So trying to muddle throughOriginally posted by 4737 Carlin View PostComment
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Do you have copies of the PG ?
What was the original debt ? Business loan ?
Do you own your own house ?#staysafestayhome
Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.
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I do have copies, it was for a business loan on a property they the lenders were buying but couldn't complete on. but we had spent their money before the sale fell over. as for current assets i have zero in my name at present, where other directors have substantial assets.Comment
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the directions hearing is now complete, I just not sure what to do nextComment
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Have you given any additional security in relation to the PG e.g. a charge over a property that you own?They say that a little knowledge is a dangerous thing. That being the case then I have enough to be lethal.Comment
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